Israel: Delek Drilling, Avner complete merger

Israel’s Delek Drilling and Avner Oil Exploration, both subsidiaries of Delek Group, have completed the previously announced merger.

The two companies on Wednesday received a merger certificate from the Registrar of Partnerships, thus fulfilling all the preconditions for the merger to take place.

The companies have said the aim of the merger is “simplifying the holding structure.”

Following the merger, the merged entity will continue operating under the Delek Drilling name, while Avner, formed in 1991, will cease to exist.

Delek Drilling and Avner Oil Exploration, prior to the merger, have held stakes in large Israeli gas fields – the producing Tamar, and Leviathan – Israel’s largest gas discovery, and Aphrodite in Cyprus.

According to Reuters, the newly merged company will start trading next week, and will have a market value of $4.4 billion.